Scaling a growing business can be as challenging as starting one. These tips can help you navigate the roadblocks that come with success.
You would think growing pains are a nice problem to have, but the challenges of scaling a business can trip up even the savviest of entrepreneurs. Sure, your store has grown forty percent in sales over last year, but you may not have the space to keep up with this growth next year. The increase in sales has helped cash flow, but that’s still not enough cash to open up a second location. How, then, do you scale?
Over 73 million users log into Pinterest every month looking for their next, purchase, idea or DIY project. On June 30th Pinterest took pinning to the next level with the addition of buyable pins and promoted pins.
Introducing these two new features was a very smart move considering there are 20X the amount of pins posted a day than people in shopping malls; there are about 2 million Pins posted on any given day. That’s 2 million items seen by 73 million people, that’s a lot of foot traffic. Further, Pinterest already grabs 41% of ecommerce traffic compared to other social media sites, and these new features have made conversions even easier.
Applying for business loans can be a stressful and exciting time. You are on your way to starting your business, but you need the capital to make it come true. Banks or government agencies are popular sources of funding for your startup venture. Before following this route, there are a few things to know and take into consideration:
Securing a loan for your business is an intimidating process; it requires patience, time, and a great deal of documentation to complete. However, with proper planning, you’ll find that grueling loan process is definitely something you can handle. It’s all about preparation.
The first step is to get organized, neatly gather required documents, and mentally prepare to answer questions about your business. If you can illustrate to potential lenders that you are confident in your business, fiscally responsible, and can provide a solid plan – securing a loan will be easier than you think.
When you’re in the very beginning stages of starting your small business, there’s nothing more exciting than just the idea of merely getting a meeting with someone who has even the vaguest interest in financially backing your company. It feels like if you can just get in front of these people, you can undoubtedly get them to believe in your vision as much as you do. They’ll be falling all over themselves to write you a huge check, if only you can get 10 minutes of their time!
Newtekhas attracted and retained the talents of two senior executives, Susan Streich and Harold Gartner.
Susan Streich will be joining Newtek Business Services, Inc. and Newtek Small Business Finance, Inc., our nationally licensed SBA 7(a) lender, as Chief Risk Officer and Chief Compliance Officer. Ms. Streich has over 30 years of experience as an executive-level finance professional with extensive experience initiating and leading national small business lending departments ensuring their compliance with federal and corporate requirements. Ms. Streich comes to Newtek from Booz Allen Hamilton where she served as a Senior Advisor, Project Lead and Subject Matter Expert for multiple government clients, including the U.S. Department of Treasury, Community Development Financial Institutions Fund and the State Small Business Credit Initiative Fund. Ms. Streich previously worked as a Director at Capital One Bank with an overall loan production exceeding $1.5 billion and as President of Transamerica Small Business Capital.
Starting a business at any age is daunting, but choosing to do so after age 50 offers its own challenges and opportunities. The risk factor (in terms of time, money and effort) is as high as it is for an entrepreneur at any age. On the other hand, you have a depth of experience and knowledge that’s not present in most budding, 25-year-old small business owners.
If you’re considering a startup of some kind in your fifties or later, in retirement, be sure you can answer the following questions.
Newtek, The Small Business Authority®, Releases the December 2013 SB Authority Index
Newtek announced today the release of the SB Authority Index of small business indicators for December 2013 reaching 124.46 points. The Russell Microcap Index, Newtek Merchant Processing, and approved SBA lending volumes led the increase. The SB Authority Index is up 0.80% from November 2013. On a year-over-year comparison, the SB Authority Index is up 7.35%.
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